Inquiry Committee for Troika in Strasbourg

The Finance Committee of the European Parliament will appoint a special Inquiry Committee for Troika’s action in Greece, Cyprus, Portugal and Ireland.

The issue was discussed last week in Strasbourg, however, the exact scope of the proceedings will be determined in the Conference of Presidents at its next meeting in mid-November.

Reportedly, European officials are planning to put under evaluation the methodology of Troika in its collection of information, the criteria by which it takes its decisions and whether they are democratically legitimated. It will also examine the role of private consulting firms, such as the American Alvarez & Marshal, to which Cypriot government appealed during the negotiations for the loan from Troika.

The Inquiry Committee will summon the Troika officials and order independent economic studies that will challenge the assumptions and predictions of the memoranda.

‘Troika took many decisions out of the normal democratic process because they had to act immediately. We want the European Commission, ECB and IMF to tell us how they have carried out their obligations. We expect that they kept detailed records,’ a Committee member said.

It has already been agreed that the Committee will be lead by the Austrian People's Party MEP Othmar Karas and French Social Democrat Lim Hong Ngoc, aided by Belgian Green MEP Philippe Lambert and the Dutchman conservative Derk Jan Eppink.

If eventually approved, the evaluators' report will be communicated to the Eropean Parliament in April 2014 the latest.